Velo merges with Stellar blockchain company Interstellar in a 9-figure deal
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Answer Velo merges with Stellar blockchain company Interstellar in a 9-figure deal
Velo Labs, which oversees a cross-border settlement protocol backed by Thailand’s CP Group, has merged with Interstellar, a blockchain-powered payment startup company Stellar.
announced The two companies announced Monday that following the merger, Mike Kennedy, the current CEO of Interstellar, and James Wu, the chief technology officer, will become the new CEO and CTO of Velo Labs, respectively.
For information, “Interstellar” was established in 2018.
The companies did not disclose the nature and terms of the merger, but people familiar with the deal told The Block that Velo Labs has effectively acquired Interstellar in a nine-figure dollar deal.
Mr. Chatchaval Gyaraphanon – owner of Fortune magazine and son of Thai billionaire Gyaraphanon family that controls one of the world’s largest conglomerates Charoen Pokphand Group – will remain Chairman of Velo.
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In his statement, Gyaravanon stated:
This announcement is a focal point of our longstanding relationship with Interstellar.
Working together as one company will enable us to rapidly expand the Velo ecosystem and continue to innovate in the protocol to meet our growing list of partner needs.
Founded in 2019, Velo Labs was initially incubated by CP Group in an effort to build a blockchain-based cross-border financial settlement network with an idea similar to Facebook’s Libra but with a focus on the Southeast Asian market.
Ligthnet, the commercial entity behind Velo, raised $31 million in a Series A funding round in early 2020 with support from prominent Asian institutions including UOB Venture Management, Seven Bank and HashKey Capital, Signum Capital, Du Capital, Hanwha Investment and Securities.
Founded in the 1920s, CP Group now owns a diversified portfolio of businesses including food processing and retail.
Jed McCaleb, founder of Stellar, commented about the acquisition:
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This is an important step for the Stellar ecosystem, with the potential to drive more anchors into the network, creating new markets in Asia and job opportunities for both the Velo and Stellar communities.
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